Private Road Maintenance Agreements: A Fannie Mae Requirement

Along our with our unique Moroccan breakfast this morning at our sales meeting, Attorney Roz Koether, from Cohen and Wolf, P.C., covered the need for Private Road Maintenance Agreements and how they impact buyer financing and closings. There are over 400 private roads in the town of Westport and tighter restrictions from lenders are requiring a formal agreement. Fannie Mae, in particular, is requiring a written agreement prior to lending on a property/home. Sellers need to be aware that lack of a Private Road Maintenance Agreement may delay a closing. Buyers also should inquire if an agreement has been formalized early in the purchasing process. The process includes involving each homeowner on the road to agree to what their share of  maintenance and improvements will be for the road. So, the process can take a considerable amount of time depending on the number of homeowners that need to be contacted and the extent of the agreement. Dealing with the potential need for a Private Road Maintenance Agreement should be completed as early as possible to avoid delaying a closing or nixing a deal.

Here is additional information from Fannie Mae:

If the the property is located on a community owned or privately owned and maintained street, Fannie Mae will now require the following:

1. An adequate, legally enforceable agreement or covenant for maintenance of the street. The agreement of covenant should include the following provisions and be recorded in the land records at town hall:

• Responsibility for payment of repairs, including each party’s representative share.
• Default remedies in the event a party to the agreement or covenant fails to comply with his or her obligations.
• The effective term of the agreement or coverant which, in most cases, should be perpetual and binding on any future owners.

Contact Attorney Koether for legal counsel and additional information on Private Road Maintenance Agreements and steps for your seller or buyer. Attorney Roz Koether can be reached at (203)341-5330 or atrkoether@cohenandwolf.com  320 Post Road West, Westport, CT 06880.

Don’t Forget: Coaching Session on Monday, May 14th

We will be holding our coaching group on Monday, May 14th from 9:30-10:30 a.m. at Prudential CT Realty in Westport. The topic is creative prospecting. Our group is motivated, energetic and willing to share with everyone! Topics over the next few weeks will range from business planning to utilizing social media. Contact Melissa Riley for details or questions.

High-Tech Hub For Realtors In Westport Connecticut

The Westport office of Prudential CT Realty will be opening up a “high-tech hub” for local Realtors which will include the latest training on all social media venues, including Facebook, Twitter, Blogging and niche marketing.

Melissa Riley, Manager of the Prudential CT Realty office and Social Media Marketer, will be leading the new concept with her team in Westport. She manages a team of over 60 highly accomplished sales professionals, acting as mentor, and business coach to help her agents develop sales excellence and marketing skills.

“We have seen an explosion in the use of social media marketing in real estate,” mentioned Melissa, “I see a strong need for the agents to be well-versed in every social media platform to better serve their clients.”

The “high-tech hub” will be the center for training and brainstorming with Prudential CT Realty agents in the region. There will be extensive education on “search engine optimization”, blogging, and online marketing. It will attract real estate agents that have a strong desire to learn the latest technology and marketing to expand their business and to engage with their current clients.

According to the National Association of Realtors “Buyer Profile” Survey, over 90% of buyers begin their home search on the internet. Having a distinct and thorough online marketing plan for sellers becomes critical to maximize exposure to potential buyers. Understanding which venues to utilize, in a very crowded and ever-changing online world, also brings value to home sellers and buyer clients.

Manager Melissa Riley is a 29-year veteran of real estate and a 2nd generation Realtor. She has worked as a real estate agent, manager, regional manager and senior vice president of corporate services, which included operations, corporate relocation, internet and home services divisions. Growing up in a real estate family, Melissa obtained her license and dove into real estate at age 21 after being immersed in the business at an early age. Her diverse background and experience in every facet of the business has given her a broad understanding of the industry and enhances her impressive body of knowledge.

Melissa believes that talent is a strategic differentiator among sales professionals. A certified Brian Buffini mentor, she cultivates talent among both industry newcomers and seasoned pros by working with them one-on-one to develop their sales style and skill set; she also expects agents to develop their technological skills through ongoing learning. She’s personally invested in the career success of every agent and commits substantial time, energy and resources in helping all of them reach their fullest potential.

Her commitment to excellence has earned her praise from her agents, who have alternately described her as “a natural leader,” “proactive” and “an astute businesswoman” who leads by example and demonstrates personal integrity. She is best known for her endless energy, creativity and personal discipline to excel.

Melissa’s dedication to lifelong learning among agents also extends to her own career. She works with a business coach who helps her recognize and embrace new opportunities for learning and personal growth by applying a positive, proactive approach to both personal and professional goals. Melissa is an avid blogger and social media enthusiast. Her local, popular blog http://www.WestportPost.com, serves as a resource for the Westport public and real estate community, as it known as “Westport Connecticut’s favorite real estate blog”.

Melissa has assumed a leadership role in the industry at the local and state levels. She is an executive committee member of the Connecticut Association of Realtors (Vice President at Large for Large Firms), a member of the Connecticut Association’s finance committee and president of the Greater Fairfield Board of Realtors.

She was named “Realtor of the Year” by the Greater Fairfield Board of Realtors in 2010; that same year, her office was named “Office of the Year” by Prudential Connecticut Realty out of a field of 50 sales offices throughout Connecticut and Rhode Island.

She was appointed to the Connecticut Association of Realtors’ Communication Committee as Vice Chairman (2007). She was also a member of the Connecticut Association’s Political Action Committee for Political Fundraising (2006-2007). She has held her real estate license since 1983.

The Westport office embraces the culture of Prudential Connecticut Realty, which emphasizes the highest level of service, responsiveness and knowledge-sharing with clients. In 2009, Prudential Connecticut earned a 100% service satisfaction ranking by customers, according to client surveys. The Westport office was also awarded the “Office Of The Year” in 2010, of 50 Prudential offices in Connecticut.

Prudential Connecticut Realty is the state’s largest and most successful real estate company. The company has more than 1,600 sales executives serving the state of Connecticut as well as western Rhode Island. Dedicated divisions and services include Fine Homes International, New Homes & Land, Active Adult, Commercial, Relocation and its unique Family of Services which includes HOMEefficient move-in services, Mortgage and Insurance.

Contact Melissa Riley at (203)253-9222 or melissabrownriley@gmail.com for more information. If you are a tech-oriented, client-focused real estate agent, visit her site http://www.TheAgentVine.com for training, and technology tips. She can be followed on Twitter at http://www.Twitter.com/melissariley

Real Estate Manager With A Tech Twist

In addition to having close to 30 years of practical experience in real estate, I also have a passion for marketing online. One of the business beliefs is to do what I ask of my agents. I use cutting-edge technology, including my websites, multiple blogs and social media venues. My investment in and enthusiasm for social media marketing and technology benefits my agents. I assist my them in website development, search engine optimization, and what trends are on the horizon. This focus gives my agents an advantage on lead generation and business development.

Some Of The Technology/Marketing Sessions At Prudential CT Realty, Westport Regional Office

*Advanced Agent Websites
*HomeSuites For Listings
*PhotoStory
*Using Google For Personal Promotion
*Blogging Series-Basic and Advanced
*HyperLocal Blogging
*Using Twitter To Build Your Business
*Hot Real Estate Websites For Realtors
*LinkedIn-Basic and Advanced, Hands On Lab
*Facebook
*Google and Search Engine Optimization
*Building Your Website Strategy
*Sharper Agent Database
*PREA E-Cards
*PREA Media Center
*Xpress Docs Marketing

~Contact Melissa Riley if interested in joining us at these sessions or for a private consultation. mriley@prudentialct.com or (203)253-9222.

Prudential Connecticut Realty’s Westport Regional Office Captures Top Office Award

Westport, CT – Prudential Connecticut Realty’s Regional Westport office was named the company’s Office of the Year for 2010, announced Candace Adams, president of the company. Each year, this award is given to the office that has achieved significant increases in listings, sales, profit, insurance and mortgage capture and use of HOMEefficient moving services, has received an above-average number of Keys for outstanding customer service, supported company programs, and has exemplified a commitment to community service.

This top award was presented to Office Leader Melissa Riley at the company’s Annual Awards Celebration at the Aqua Turf Club on April 28 in front of 1000 agents.

“Melissa and the sales executives in our Westport office are committed to providing the best service in the industry,” Ms. Adams said. “Earning this award is a testament to the effectiveness and professionalism of the entire Westport team.”

“I’m thrilled for my team to be recognized as the Office of the Year for 2010,” Ms. Riley said. “It’s quite the honor for our Westport group to be chosen from our 50 offices statewide.”

For more information contact Prudential Connecticut Realty of Westport, 272 Post Road East in Westport at 203-227-5117.

Prudential Connecticut Realty is the largest real estate company in Connecticut and the 19^th largest in the United States. PCR was also recognized as the second largest contributor in the nation for the Sunshine Kids organization. In 2010, $283,000 was raised in local Prudential CT offices to fund trips for children with cancer. For more information, visit www.prudentialct.com.

Congrats to Jon Deak and Amy Curry-Prudential CT Realty Westport Office

Prudential Connecticut Realty , Westport, CT – Prudential Connecticut Realty is pleased to announce the Top Sales Executives in the Westport Office. In June, top honors went to Jonathan Deak as the Top Listing Agent and Amy Curry as the Top Selling Agent.

“Jon has been an outstanding agent for over 30 years,” stated Melissa Riley, Office Leader of Westport’s Prudential Connecticut Realty office. “He is very client-focused and is superb in counseling buyers and sellers. Amy Curry has been a top-performing agent for 10 years. Her persistence and attention-to-detail benefits her clients. Congratulations to these two outstanding individuals for their achievements.” Jon can be contacted at http://www.JonDeakHomes.com and Amy can be reached at http://www.AmyCurry.com

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 13th largest in the United States. For more information, visit www.prudentialCT.com